There is are no sign of any peak season space shortage, with utilisation levels remaining at about 90 per cent as of early July, Alphaliner reports.

The transpacific carriers have also not indicated any plans to remove the surplus capacity on either the US west coast or east coast routes.

This, says Alphaliner, could result in continued rate weakness on the transpacific trade for the rest of this year.

Transpacific spot freight rates from China have almost halved since the beginning of the year.

Rates to the USEC have dropped from over US$5,000/FEU in February to less than $2,800/FEU while rates to the USWC have fallen from $2,250/FEU to $1,250/FEU.